The Economy: More in Less Time

Not since the Roaring Twenties, when
production per man-hour rose 5.3% yearly, has there been such a
sustained rise in the productivity of the U.S. economy. While
manufacturing productivity from 1947 to 1962 increased only 2.9% a year
on the average, it has jumped more than 4% in each of the past two
years. Last week the Department of Commerce reported that the gain will
be 4.3% this year. "Most impressive," said Walter Heller, chief
economist for the President.

But Government economists fret over the pains of progress in an economy
that needs fewer blue-collar workers as it becomes more efficient....